Can PRIMECAP Management successfully transition from its founders to the next—and the next-next—generation of stock pickers?
That’s a question shareholders must confront as the firm’s founding era comes to an end.
Joel Fried, a named portfolio manager on PRIMECAP (VPMCX) since 1993, is retiring at the end of the year.
Fried is part of PRIMECAP’s “first generation.” He wasn’t a founder, but he served as a bridge between the firm’s founders and the next generation. His retirement makes that handoff feel much closer.